SPX500 possible bounce

This is just a journal record to celebrate the ride I had in the last couple of days and document my decisions.

I had a very large position risking somewhat 5-7% of the account (well, even more, I think, as there were no stops). Glad that I turned to be right and thanks to @Nothingbutprofits who turned up with timely advice to sell the news when Fed cuts the rate. Well, we saw what happened 5-7% risk turned to be 15% of the profit on the account (ok, some of it is offset by previous losses when I tried to catch the top).

Yesterday the market surged and thankfully I was asleep resting in the confidence that the market is heading down. Trump tweet put the market back in the bear tracks. Steep surges are typical for an aggressive bear market.

Nevertheless today I am closing 90% of my position because the price rests on strong support level made by previous highs in 2018-2019. RSI approached the oversold area on the daily chart. Elliottwave count is not clear.

I will keep 10% of my shorts (which I can still sense if the price surges) just to be in the market and feel its beat so that when next wave comes I am ready to ride. No long trades. Times, when I did silly stuff (flipping to longs in raging bear market), are long gone.

The price can go through the line of support and keep descending. It will hurt but I prefer to stay on sidelines for now waiting for more clear price action supported by wave count.

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Clearly, I got out early and it hurts. One possible interpretation of what is happening

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oops misplaced wave 2

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wow it hurts to miss out most of the move down. Here are my thoughts. Opened shorts again at what I see as high of 4rth wave